IMANET IMANET Certifications IMANET-CMA Questions & Answers

• Question 1041:

  The retail petroleum industry consists of a few large firms that sell a standardized product. Which of the following best describes this industry?

  A. Monopoly

  B. Oligopoly

  C. Monopolistic competition

  D. Pure competition

  Correct Answer: B

  An oligopoly consists of a few large firms. If products are standardized, competition may be based solely on price. If products are partially differentiated, each firm may attempt to lead the industry regarding a given attribute, e.g., price,

• Question 1042:

  In which industry structure is differentiation anent, and all sellers charge the same price?

  A. Monopoly

  B. Monopolistic competition

  C. Oligopoly

  D. Pure competition

  Correct Answer: D

  An industry consists of firms selling products or services that are substitutes. One way to describe an industry considers the number of sellers and the extent of differentiation of products and services. In pure competition, differentiation is absent and the same prices are charged by all sellers.

• Question 1043:

  SWOT analysis is concerned primarily with which of the following two factors?

  A. The internal environment and the external environment

  B. Market share and market growth

  C. Product profitability and economic resources

  D. Customers' and competitors' profiles

  Correct Answer: A

  A SWOT analysis is a process whereby a firm identifies its own strengths and weaknesses (the internal environment) and the opportunities and threats facing it (the external environment)

• Question 1044:

  Which one of the following is not an element of the strategic marketing process?

  A. Customer segmentation

  B. Market selection

  C. Value positioning

  D. Product pricing

  Correct Answer: D

  Market (customer) segmentation, market selection, and value positioning are all part of the strategic, or long-term, marketing process. Product pricing is an element of the tactical marketing process.

• Question 1045:

  Determining how marketing strategies formulated in accordance with a SWOT analysis will be implemented is the process of

  A. Managing the marketing effort

  B. Planning the marketing program and mix

  C. Choosing target markets

  D. Positioning the market offering

  Correct Answer: B

  Planning the marketing program and mix is the process of determining how marketing strategies formulated I accordance with a SWOT (strengths, weaknesses, opportunities. and threats) analysis may be implemented. It entails deciding what resources should be devoted to the marketing effort and how those resources should be allocated among the elements of the marketing mix(the 4Ps of product, price, place, and promotion)

• Question 1046:

  In the strategic marketing stage, the firm

  A. Delivers and communicates value

  B. Provides customer value profitably

  C. Plans the marketing mix

  D. Choose the value to be delivered

  Correct Answer: D

  The firm chooses the value to be delivered in the strategic marketing stage. This stage consists of market segmentation and choosing target markets. Segments are defined by analysis of buyer differences (income, age, location, attitude, etc). Choosing target markets is the determination of the best marketing opportunities.

• Question 1047:

  In what way can the marketing department be organized to best focus on customer groups?

  A. Products marketed

  B. Markets served

  C. Brands marketed

  D. Geographic areas

  Correct Answer: B

  A market-management organization is appropriate when customers may be categorized by their distinct preference and buying habits. Market managers are staff personnel who report to a markets manger. The benefit of this type of organization is its emphasis on relationships with specific classes of customers as s basis for value creation.

• Question 1048:

  Which of the following is not a component of market share?

  A. Customer demand

  B. Customer penetration

  C. Customer loyalty

  D. Price selectively

  Correct Answer: A

  Components of the market share are

  Customer penetration (firm customers / all customers) Customer selectively (average purchase from the

  firm / average purchase from the average firm)

  Customer loyalty (purchases from the firm / total purchases from sellers of the same products)

  Price selectively (firm's average price / average price of all firms)

• Question 1049:

  A customer-performance scorecard contains measures of

  l- Customer satisfaction ll- Brand awareness lll- New customers lV- Satisfaction of employees

  A. ll and lll only

  B. ll,lll, and lV only

  C. l, ll, lll, and lV

  D. l, ll, and lll only

  Correct Answer: D

  A customer-performance scorecard contains measures of new customers, lost customers, customer satisfaction, brand awareness, customer loyalty, identification of positioning and differentiation, and others

• Question 1050:

  A market-based scorecard and analysis may produce qualitative measures in the form of a customer-performance scorecard and a stakeholder-performance scorecard. A stakeholder-performance scorecard is most likely to contain a measure of

  A. Brand awareness

  B. Identification of intended positioning

  C. The satisfaction of suppliers

  D. Perception of product quality

  Correct Answer: C

  A customer- performance scorecard contains measures of new customers, lost customers, customer satisfaction, brand awareness, customer loyalty, identification of intended positioning and differentiation, perception of product of service quality compared with a chief rival, and others. A stakeholder-performance scorecard provides measures of the satisfaction of shareholders, creditors, employees, suppliers, and distributors.